There are but a few types of commercial insurance companies in the market; they can be broadly divided into four types :
- Commercial insurance company
- Business insurance firm
- Commercial insurance brokerage firm
- Specialist commercial insurance company
Commercial Insurance Company
Commercial insurance companies are usually quite similar in terms of products and services. Commercial insurance is available for vehicles and property. These insurance companies also provide covers for all sorts of commercial enterprises and industries. Industrial covers include engineering, manufacturing, distribution and construction as well as other heavy industries.
There are many of types of commercial insurance available in the market, some of them include :
- Retail business insurance (small stores, supermarkets).
- Service company insurance (cleaning & janitorial service, plumbing service).
- Professional service insurance (real estate brokers, law firms).
- Commercial insurance (office space, rentable office building).
- Apartment complex insurance (residential flats).
- Consultant insurance (architects, medical professionals).
- Contracting insurance (engineering, construction).
- Farm holding insurance (community farms, fruit farms).
Business Insurance Company
Business insurance is similar to commercial insurance. Business insurance caters only to business organizations, while commercial insurance covers businesses and heavy duty industrial sectors. Examples of businesses covered under business insurance include :
- Home based businesses (bed & breakfast, pet, interior decoration).
- Sole traders (electricians, painters, decorators).
- Retailers (clothing stores, vegetable shop).
- Limited companies (consumer goods, mutual funds).
Commercial Insurance Brokerage Firm
These firms work as intermediaries between commercial insurance companies and their clients. These firms review the client’s company and risk possibilities to suggest suitable liability coverage. They work with the commercial insurers and persuade them to undertake the risk and offer insurance policies without charging commission from the clients. Commercial insurance brokerage firms can deal with all types of commercial coverage or can be specialists in certain types of coverage. The leading UK commercial insurance brokerage firms are Stuart Alexander and Layton Blackham. They are both independent brokerage firms offering insurance and risk management services in the commercial insurance sector.
Specialist Commercial Insurance Company
Instead of getting a generic insurance policy for your commercial enterprise, quite often you have to look into obtaining specialist insurance. Depending on the requirements, you can get specialist insurance from just about any firm in UK.
Specialist Insurance is offered in the following instances :
Goods-In-Transit Insurance If there is a chance that the company’s merchandise will get damaged while in transit, you can opt for this type of special insurance.
Glass Insurance As the name suggests, this insurance covers accidental damage to glass items, surfaces and materials.
Data Processing Insurance This special type of insurance covers media associated equipment and data processing machines.
There are many other kinds of specialist insurance including travel insurance, credit insurance and fidelity guarantee.
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